The Bourne End conveyancing lawyers that I recently instructed on my house acquisition in Bourne End have suddenly shut down. They were on acting for me because I needed a solicitor on the Co-operative conveyancing panel and my previous Bourne End lawyer was not. I sent them a cheque for two hundred pounds in advance. What are my options?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Co-operative conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
Despite weeks of looking the Title Certificate and documents to our home are lost. The solicitors who conducted the conveyancing in Bourne End 10 years ago are no longer around. Will I be able to sell the house?
In today’s world there are copies made of almost everything, and your conveyancer will know precisely where to locate all the appropriate paperwork so you may buy or sell your house without a hitch. Where duplicates are not available, your conveyancer may be able to put in place insurance or indemnities against possible claims on your property.
How does conveyancing in Bourne End differ for newly converted properties?
Most buyers of new build or newly converted property in Bourne End come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Bourne End typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Bourne End or who has acted in the same development.
I am looking for a leasehold apartment up to £245,000 and found one near me in Bourne End I like with open areas and transport links nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Bourne End for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan the shortness of the lease will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
How straightforward is it to use the search app to find a conveyancing practitioner in Bourne End on the approved list for my bank?
First pick a bank such as Nationwide Building Society, Bank of Scotland or TSB then choose your preferred area for instance Bourne End. Conveyancing practices in Bourne End and across England and Wales will then be shown.
I am looking at a couple of flats in Bourne End which have in the region of forty five years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Bourne End is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bourne End conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a basement flat in Bourne End, conveyancing was carried out in 2002. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Bourne End with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 per annum. The lease expires on 21st October 2095
With just 71 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.